Inflation dips in November, as savings at the gas pump are eaten up at the supermarket

JUST IN: Inflation shows signs of slowing with consumer prices rising 7.1%, smallest 12-month increase since December of last year.

For a year, Americans have seen racing inflation eat away at their savings and add to their credit card debt. A key source of pain was costly gasoline.

"You can't put lettuce on a hoagie and expect not to put an upcharge on it, when you're paying $100 for 24 heads of lettuce," Guarino said. "It is far too early to declare goods inflation vanquished," Fed chairman Jerome Powell said two weeks ago, about the stabilization."But if current trends continue, goods prices should begin to exert downward pressure on overall inflation in coming months."Likewise, there are signs that housing inflation has begun to ease. Rents are still rising much faster than they were before the pandemic, but not at the breakneck pace they were in the spring.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

NPR /  🏆 96. in US

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inflation slows to 7.4% in November in producer price indexInflation, as measured by producer wholesale prices, slowed to 7.4% for the year ending in November, according to a report Friday from the Bureau of Labor Statistics.
Read more »

Americans' inflation expectations eased in November to lowest since 2021, NY Fed survey showsThe New York Federal Reserve released a closely watched survey on Monday revealing that Americans' inflation expectations declined in the short term and long term.
Read more »

CPI Report Shows U.S. Inflation Eased in NovemberU.S. inflation eased significantly to 7.1% in November, its slowest pace since the end of 2021, the Labor Department said Tuesday.
Read more »

Bitcoin, Ether Jump After U.S. CPI Report Shows Slower-Than-Expected November InflationCrypto traders were monitoring the U.S. government's monthly inflation report for signs of whether the Federal Reserve's monetary-policy tightening this year is helping to slow the pace of consumer price increases.
Read more »

Inflation slowed in November, offering relief for consumersBREAKING: Consumer prices rose 7.1% in November, continuing a monthslong decline from a 40-year record reached over the summer.
Read more »